Caterpillar Affirms Commitment to Egypt's Infrastructure Development

PEORIA, Ill., Sept. 29, 2016 /PRNewswire/ -- At the U.S.-Africa Business Forum last week, Caterpillar Inc. (NYSE: CAT) Chairman and CEO Doug Oberhelman sat down with Egyptian President Abdel Fattah el-Sisi to discuss the future of Egyptian rail, infrastructure and power generation.

"Meeting with President Sisi offered an impressive vision for the future of Egypt," said Oberhelman. "Infrastructure development is one of his top priorities, and we are uniquely positioned to advance these efforts as Caterpillar has been involved in some of the largest infrastructure projects in Egypt's history. While we're proud of our history in Egypt, the country's incredible opportunity and bright future for investment is where we're focused today. Egypt is on the move and Caterpillar is committed to being a central part of the exciting developments on the horizon."

Caterpillar products helped expand the Suez Canal, while Caterpillar power generation products provided standby power for this massive infrastructure project. The company is also powering the construction of Egypt's massive Tunnels Projects. Cat machines can also be seen building thousands of kilometers of new roads as part of Egypt's National Roads project and actively participating in the construction of the New Capital City outside Cairo. The rich history and investment opportunities also extend to rail.

"EMD, our wholly owned rail subsidiary, has been in Egypt since the early 1950s, and today there are nearly 700 locomotives in operation, designed to run efficiently in Egypt's unique environment of high heat and sandy terrain," Oberhelman continued. "In order to continue supporting this critical market, we're exploring substantial investments in rail centers to serve Egypt and surrounding areas, bringing our rebuild capabilities in country to enhance the existing fleet."

Caterpillar's Egyptian dealer Mantrac is also a strong presence in the country. It has more than 1,000 employees along with 13 branch locations, including state-of-the-art training facilities, rebuild centers and parts distribution warehouses.

During last week's U.S.-Africa Business Forum, Caterpillar and its dealers announced their plan to make a major investment in Africa. As part of that, Mantrac intends to build a branch that will support the construction of Egypt's new administrative and business capital on the outskirts of Cairo.

About Caterpillar
For 91 years, Caterpillar Inc. has been making sustainable progress possible and driving positive change on every continent.  Customers turn to Caterpillar to help them develop infrastructure, energy and natural resource assets.  With 2015 sales and revenues of $47.011 billion, Caterpillar is the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives.  The company principally operates through its three product segments - Construction Industries, Resource Industries and Energy & Transportation - and also provides financing and related services through its Financial Products segment.  For more information, visit caterpillar.com.  To connect with us on social media, visit caterpillar.com/social-media.

Forward-looking Statements
Certain statements in this press release relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "project," "intend," "could," "should" or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance, and we do not undertake to update our forward-looking statements.

Caterpillar's actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but not limited to: (i) global and regional economic conditions and economic conditions in the industries we serve; (ii) government monetary or fiscal policies and infrastructure spending; (iii) commodity price changes, component price increases, fluctuations in demand for our products or significant shortages of component products; (iv) disruptions or volatility in global financial markets limiting our sources of liquidity or the liquidity of our customers, dealers and suppliers; (v) political and economic risks, commercial instability and events beyond our control in the countries in which we operate; (vi) failure to maintain our credit ratings and potential resulting increases to our cost of borrowing and adverse effects on our cost of funds, liquidity, competitive position and access to capital markets; (vii) our Financial Products segment's risks associated with the financial services industry; (viii) changes in interest rates or market liquidity conditions; (ix) an increase in delinquencies, repossessions or net losses of Cat Financial's customers; (x) new regulations or changes in financial services regulations; (xi) a failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures or divestitures; (xii) international trade policies and their impact on demand for our products and our competitive position; (xiii) our ability to develop, produce and market quality products that meet our customers' needs; (xiv) the impact of the highly competitive environment in which we operate on our sales and pricing; (xv) failure to realize all of the anticipated benefits from initiatives to increase our productivity, efficiency and cash flow and to reduce costs; (xvi) additional restructuring costs or a failure to realize anticipated savings or benefits from past or future cost reduction actions; (xvii) inventory management decisions and sourcing practices of our dealers and our OEM customers; (xviii) compliance with environmental laws and regulations; (xix) alleged or actual violations of trade or anti-corruption laws and regulations; (xx) additional tax expense or exposure; (xxi) currency fluctuations; (xxii) our or Cat Financial's compliance with financial covenants; (xxiii) increased pension plan funding obligations; (xxiv) union disputes or other employee relations issues; (xxv) significant legal proceedings, claims, lawsuits or government investigations; (xxvi) changes in accounting standards; (xxvii) failure or breach of IT security; (xxviii) adverse effects of unexpected events including natural disasters; and (xxix) other factors described in more detail under "Item 1A. Risk Factors" in our Form 10-K filed with the SEC on February 16, 2016, for the year ended December 31, 2015.

 

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SOURCE Caterpillar Inc.

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